Report: Liverpool rejects Manchester City's £40-million bid for Raheem Sterling

Manchester City will reportedly need to submit a third bid to Liverpool if they wish to acquire Raheem Sterling.

According to Sky Sports, the Merseyside club are set to reject City's second bid of £40-million for the 20-year-old virtuoso, whose future at Anfield continues to be clouded by uncertainty.

Two years remain on Sterling's £35,000-per-week deal. Talks over a new contract were cancelled at the end of May when his agent, Aidy Ward, denied that his client would sign a new deal, insisting even a £900,000-a-week contract wouldn't be enough.

Sterling admitted in an interview with the BBC that he'd turned down a new five-year deal from Liverpool. That deal would have seen him earn £100,000 per week - meaning, if the club continue to play hardball, he stands to lose up to £12 million in earnings over the next two seasons.

It was reported Monday that Chelsea had entered the race for Sterling's services, but are unwilling to meet Liverpool's asking price of £50 million, while Manchester United is apparently interested in luring the player to Old Trafford.